Cross River Expands Manitou Gold Project, NW Ontario, Canada
Cross River Expands Manitou Gold Project,
NW Ontario, Canada
Vancouver, British Columbia--(Newsfile Corp. - April 22, 2021) -
Cross River Ventures Corp.
(CSE:
CRVC) (FSE: C6R) (the "
Company
") is pleased to announce that it has entered into a mineral property
option agreement (the "
Option Agreement
"), dated April 13, 2021, pursuant to which it has been
granted the option (the "
Option
") to acquire the Lower Manitou Gold Project (the "
Project
") from its
existing owners (collectively, the "
Vendors
").
The Project consists of a series of mineral claims located
in the Province of Ontario.
The acquisition increases the Manitou property land package to a total of
6,570 hectares.
The claims comprising the Lower Manitou acquisition host 4 historic gold occurrences including
numerous shafts and workings dating back to the late 1800s.
Parts of the property have been explored
sporadically since, including minor drilling by St Joes Canada Inc (1983), and prospecting, sampling,
and stripping (Ivar J. Riives, 2003; Rubicon Minerals Corp, 2005; Manitou Gold, 2011).
The most notable mineralization has been found around the Reliance Prospect; a 2-km long NNE
striking zone of well-defined sulfide bearing, quartz flooded shearing over a 20 ft width. The shear is
exposed in at least 7 historic shafts, with recently reported rock samples containing up to 9.7 grams-per-
tonne ("g/t") gold ("Au") in sheared mafic volcanics (Manitou Gold, 2011), and nearby parallel structures
containing up to 6 g/t Au (Riives, 2003).
Limited drill testing in 1983 intersected 3.36 g/t Au over 1m,
however the shear zone has not been tested at depth. The Reliance Prospect and nearby mineralized
shears notably strike parallel to the >5 km long Queen Alexandria - Bird Island trend (containing rock
samples to 78.1 g/t Au; MDI152F07NW00008), as discussed in Cross River's news release dated Feb.
25, 2021.
The addition of the Lower Manitou claims will allow Cross River to systematically explore these
prospective shear zones over an 8km long strike-length to identify targets with the highest chance of
significant endowment.
Field crews are scheduled to begin prospecting and ground-truthing on the
property in mid May, with an initial focus on assessing these mineralized structures and prospecting
along these trends to extend mineralization potential.
Image 1: Additions (dark red) to the Manitou Gold Project, NW Ontario, Canada
To view an enhanced version of this image, please visit:
https://orders.newsfilecorp.com/files/7276/81348_1bd93e0b9407097f_002full.jpg
Terms
The Company can exercise the Option by completing a series of cash payments and share issuances to
the Vendors over a two year period, of which $26,000 and 200,000 common shares are due and owing
upon execution of the Option Agreement, with a further $26,000 and 200,000 common shares owing on
the one year anniversary of the Option Agreement and a final payment of $26,000 owing on the two year
anniversary of the Option Agreement.
Following exercise of the Option the Company will own one-
hundred percent of the Project, subject to a one-and-one-half percent royalty (the "
Royalty
") on
commercial production from the Project payable to the Vendors.
One-half percent of the Royalty may be
purchased at any time by completing a cash payment of $500,000 to the Vendors.
The Company is at arms-length from each of the Vendors, and all securities issued in connection with
the Option Agreement will be subject to a four-month-and-one-day statutory hold period in accordance
with applicable securities laws.
No finder's fee or commission is payable in connection with the
transactions contemplated by the Option Agreement.
* Grab samples are selective by nature and may not represent the true grade or style of mineralization across the property
The technical content disclosed in this press release was reviewed and approved by Dr. Rob
Carpenter, P.Geo., Ph.D., a Qualified Person as defined under National Instrument 43-101.
Historical
assay results contained in this press release were not verified by the Company, however,
the historical
reports referenced were authored by experienced geoscientists and copies of laboratory assay sheets
were commonly inserted in the reports.
About the Company
Cross River is a gold exploration company that is focused on the development of top tier exploration
properties in premier mining districts. The Company controls a multiple project portfolio in NW Ontario,
Canada, with highly prospective ground in and among prolific, gold bearing greenstone belts.
The
Company also owns an option to acquire a 100% undivided interest in the Tahsis Property, an early-
stage gold exploration property located on Vancouver Island, in the Nanaimo Mining Division, British
Columbia.
Cross River's common shares trade under the symbol "CRVC" on the CSE.
On behalf of the Board of Directors of
CROSS RIVER VENTURES CORP.
Alex Klenman
CEO
604-227-6610
www.crossriverventures.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy
or accuracy of this release.
This news release may contain forward-looking statements. These statements are based on current
expectations and assumptions that are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management discussion and analysis section of our
interim and most recent annual financial statement or other reports and filings with the Canadian
Securities Exchange and applicable Canadian securities regulations. We do not assume any
obligation to update any forward-looking statements, except as required by applicable laws.
References:
St Joes Canada Inc 1983:
http://www.geologyontario.mndmf.gov.on.ca/mndmfiles/afri/data/imaging/52F07NW0016/52F07NW0016.pdf
Ivar J. Riives 2003:
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/52F07SW2001/52F07SW2001.pdf
Rubicon Minerals Corp 2005:
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000001076/20001993.pdf
Manitou Gold Inc. 2011:
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000006947/20009983.pdf
MDI: Queen Alexandria:
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52F07SW00008.html
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/81348